Saturday, 21 April 2012

GBP/USD and USD/CAD Wiseman 1 trade

GBP/USD Hourly

Too bad price did not retrace to the blue line, I was waiting to buy this one, a strong up trend indeed.

Took a counter trend, wiseman 1 at daily high (resistance) with divergence, Sell at 1.6060. Price went down and stall at support forming a double bullish divergent bar. Close my position at the open of next candle 1.6024,  for a 36 pips profit. Too bad it didn't go to my profit target at blue line.

Then price come back to re-test the daily high. I was hoping for an abc pattern, so I sell again at 1.6059 but then got stop out at 1.6076, for -17 pips loss.

Price continue heading up, now is testing daily high (8 nov 2011), another wiseman 1, didn't see this one. let see how price react at this area. hmm... a good opportunity to sell.

USD/CAD Hourly

Yellow box, Sell zone. If we zoom out to 15 min chart

USD/CAD 15 min
There's an abc pattern, start with divergence, then price go down, retrace back up, form a bearish divergent bar (right at the 79 fibo retracement), sell at 0.9946, close at 0.9910 (61.8 fibo retracement of the leg up), for 36 pips profit.

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